I am on look out for some leasehold conveyancing in Drybrook. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Drybrook - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Planning to sign contracts shortly on a garden flat in Drybrook. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Drybrook should include some of the following:

• Do you need to have carpet in the flat or are you allowed wood flooring?
• Are you allowed to have a pet in the flat?
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• Responsibility for repairing the window frames

I am tempted by the attractive purchase price for a couple of flats in Drybrook both have approximately fifty years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Drybrook is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Drybrook conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £ 150000 apartment in Drybrook in 10 days. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Drybrook?

Drybrook conveyancing on leasehold apartments normally necessitates the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are entitled levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

What are the frequently found defects that you encounter in leases for Drybrook properties?

There is nothing unique about leasehold conveyancing in Drybrook. Most leases is drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Chelsea Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

I acquired a 2 bed flat in Drybrook, conveyancing having been completed 5 years ago. How much will my lease extension cost? Similar flats in Drybrook with an extended lease are worth £226,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2093

You have 67 years left to run we estimate the premium for your lease extension to span between £12,400 and £14,200 plus professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.